Condo Gine Star Fruits

– The Singapore government may want to consider increases commutative for second-timers buying an AC, aligning with recent changes in allocation quotas for second-timers buying BTO flats in the Singapore market

On March 8, developer Sim Lian Group successfully sold 682 units, accounting for 90% of their 760-unit executive condominium project, Aurelle of Tampines. The average price achieved for these units was $1,766 psf.

Sim Lian Group has confirmed that all four- and five-bedroom units have been taken up, as well as 84% of the three-bedroom units. “This strong response highlights the high demand for well-designed and well-connected modern homes like Aurelle of Tampines, situated in one of Singapore’s most well-connected regional centers,” said Kuik Sing Beng, executive director of Sim Lian Group Limited.

For those interested in purchasing a unit at Aurelle of Tampines, information on available units and prices can be obtained through the project’s official channels.

PropNex CEO Ismail Gafoor noted that the average price of $1,766 psf has set a new benchmark launch price in the executive condominium market. He also pointed out that the 90% take-up rate is the highest for a new EC project since Hundred Palms Residences, a 531-unit project, was fully sold on its launch day in July 2017, with an average price of $841 psf.

Sim Lian also announced that the 30% quota allocated for second-timers was filled by 3.15 pm on the launch day. The quota for second-timers will be lifted a month after the launch date, giving them another chance to ballot for a unit.

Eugene Lim, key executive officer at ERA Singapore, commented on the quota for second-timers, saying that the take-up rate could have been higher without the limit. He added that second-timers will have another opportunity to ballot for a unit a month after the launch date.

Mark Yip, CEO of Huttons Asia, suggested that the government may want to increase the quota for second-timers buying an EC, aligning with the recent increase in quota for second-timers purchasing three-room and larger BTO flats.

According to PropNex’s Gafoor, about 68% of buyers have opted for the Deferred Payment Scheme (DPS) to finance their purchases, while the remaining have chosen the Normal Payment Scheme.

Prior to the launch, the project received over 2,200 electronic applications (e-apps) since it opened for preview on February 21. This is the highest number of e-apps recorded since Copen Grand, the first EC launched in Tengah, attracted 2,300 e-apps in 2022.

Aurelle is the second EC launched in Tampines North, following the 618-unit Tenet, a joint development by Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, Tenet saw 72% of its units sold on launch day and is now fully sold at an average price of $1,348 psf.

Prices for units at Aurelle of Tampines start at $1.417 million ($1,687 psf) for a three-bedroom unit of 840 sq ft; $1.689 million ($1,651 psf) for a four-bedroom unit of 1,023 sq ft; and $2.258 million ($1,665 psf) for a five-bedroom unit of 1,356 sq ft. “The project’s attractive pricing, strategic location, and unique features have made it a highly sought-after option for eligible first-time buyers and upgraders,” said ERA’s Lim.

Aurelle’s strong sales could also be attributed to its proximity to ParkTown, a fully integrated mixed-use development that includes a transport hub (MRT station and bus interchange), shopping mall, hawker center, and community club.

ParkTown Residence, a 1,193-unit development by a joint venture between CapitaLand and UOL Group, sold 1,041 units on its launch weekend on February 22-23. As of now, 1,043 units have been sold at an average price of $2,361 psf.

“Aurelle is probably the second EC to be located next to a fully integrated mixed-use development,” said Huttons’ Yip. The first was the 573-unit Esparina Residences in Sengkang, which was launched in October 2010 at an average price of around $748 psf. Based on lodged caveats, the average price of units sold from January 2024 to January 2025 was $1,625 psf, which is a 117% increase.

In November 2023, a 1,367 sq ft unit on the seventh floor of Esparina Residences was sold for $2.388 million ($1,747 psf), the second-highest psf price achieved at the development. The highest was for another 1,367 sq ft unit on the 14th floor, which sold for $2.4 million ($1,756 psf).

Investing in a Condo in Singapore can be a highly advantageous venture, providing a host of benefits such as strong demand, potential for capital gain and attractive rental yields. Before making any decisions, it is important to carefully consider crucial factors such as location, financing options, government regulations, and the current state of the market. By conducting thorough research and seeking professional guidance, investors can make well-informed choices to maximize their returns in Singapore’s ever-evolving real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer looking for a stable and lucrative investment, condos in Singapore, such as Condo, offer a promising opportunity to capitalize on.

According to Lim, new ECs are priced around $600 psf cheaper than new private condos in 2025. However, compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is just 1% higher. “This, coupled with a fresh 99-year lease and modern facilities, makes new ECs a compelling choice for buyers,” he added.

Interested buyers can find out more about Aurelle of Tampines through its official channels.…

Located in One Holland Village, a 99-year leasehold development, a three-bedroom unit has set a new record by achieving the highest psf-price from Feb 16 to 21. The unit, spanning over 1,238 sq ft, was sold at $3,781 psf on Feb 17 for a whopping $4.68 million. This is the first transaction at One Holland Village Residences this year and it has surpassed the development’s previous record of $3,426 psf. The sellers of this 25th-floor unit had initially bought it from the developer for $4.19 million or $3,385 psf in November 2023, making a profit of approximately $490,000.

In summary, purchasing a condo in Singapore presents a multitude of benefits, such as high demand, potential for growth in value, and attractive rental yields. However, it is crucial to carefully assess various aspects, such as location, financing options, government regulations, and market conditions before making an investment. Through thorough research and seeking professional guidance, investors can make well-informed decisions and maximize their profits in the constantly evolving real estate market of Singapore. Whether you are a local investor looking to expand your portfolio or a foreign buyer in search of a stable and profitable investment, condos in Singapore, including the latest New Condo Launches, offer a compelling opportunity for success.

With a total of 296 units launched in 2019, One Holland Village Residences is a 99-year leasehold development located along Holland Village Way. The condo comprises of 62 one-bedroom units, 145 two-bedroom units, 76 three-bedroom units, nine four-bedroom units and four five-bedroom units. The most expensive apartment at the development was sold at $3,300 psf- a 3,455 sq ft, five-bedroom apartment. As per URA caveats, all units at the development have been sold, with the recent transaction taking place in November 2023. The development is 4-minute walk from Holland Village MRT Station and is close to lifestyle hub, One Holland Village.

The second highest psf-price was achieved by boutique condo, Hill House, during the same period. Located at Institution Hill, off River Valley Road, the development saw a new record of $3,402 psf on Feb 21 when a 452 sq ft, two-bedroom unit on the ninth floor was sold for $1.538 million. This comes four days after a similar 452 sq ft, two-bedroom unit was sold for $1.536 million, making it the first and second highest psf-price respectively.

Hill House is a 999-year leasehold boutique condo in District 9 that includes 40 one-bedroom units, 24 two-bedroom units and eight three-bedroom apartments. The development is still under construction and is expected to be completed in 3Q2026. Including the recent transaction, a total of nine units have been sold at Hill House this year at an average price of $3,213 psf. The condo is located close to River Valley Primary School and is in proximity to shopping malls such as New Bahru.

Another development that has set a new psf-price record is Chuan Park at Lorong Chuan. A 732 sq ft, two-bedroom apartment on the 20th floor was recently sold for $2.04 million ($2,785 psf) on Feb 19, surpassing its previous record of $2,765 psf from a similar 743 sq ft, two-bedroom unit sold in November last year. The 916-unit development has sold 744 units (81%) at an average price of $2,589 psf since its launch in November 2024. Slated for completion in 2028, the 99-year leasehold development is located near Lorong Chuan MRT Station on the Circle Line and is just three minutes away from Nanyang Junior College.…

A 60-year leasehold three-storey terrace factory located in the bustling Midview City has been recently listed for sale at a guide price of $6.2 million or $688 per square foot. The property, which comes with a basement and a roof terrace, is exclusively marketed by Colliers International.

Strategically located along Sin Ming Lane at the heart of Sin Ming Industrial Estate, this property spans a strata area of approximately 9,009 square feet. It is zoned as a “Business 1” site under the URA Masterplan 2019.

According to Colliers International, the property is currently fully-leased and has been approved for use as a childcare centre. It is currently occupied by Star Learner preschool and childcare centre. Notably, Midview City, which was completed back in 2012, is a 60-year leasehold light industrial building and is a short distance away from the Bright Hill MRT Station on the Thomson-East Coast Line.

Moreover, the property is also conveniently accessible from the Bishan and Upper Thomson residential areas, with two entrances available through Sin Ming Lane and Bright Hill Drive. As revealed by Raphael Lee, director of industrial services at Colliers, this property offers a “rare opportunity” for investors as it will be sold with the existing preschool operator in place.

Being a Business 1 light-industrial property, it is not subjected to the Additional Buyer’s Stamp Duty (ABSD) and can be purchased by foreigners as well. The expression of interest exercise will end on 29 April at 3pm, so don’t miss this chance to secure a great investment opportunity.

In Singapore, condos are in high demand due to the limited land available. As a small island with a fast-growing population, Singapore struggles with a shortage of land for development. This has resulted in strict land use regulations and a competitive real estate market where property prices continue to rise. As a result, investing in real estate, especially condos, is a profitable opportunity with the potential for significant capital appreciation. The demand for condos is further fueled by Singapore Projects, making it an even more attractive and sought-after investment option.

Furthermore, you can refer to the price trend for previous industrial property sale transactions as well as compare listings for other industrial properties to get a better understanding of the current market. Additionally, you can also look into the price trend for commercial properties as compared to industrial ones. Finally, explore the price trend for industrial rental transactions to make a more informed decision.…

BlackRock sees Asia Pacific real estate markets with high liquidity and strong tailwinds

According to Hamish MacDonald, Head and Chief Investment Officer of APAC Real Estate at BlackRock, investors are showing a growing interest in investing in Asia Pacific real estate markets characterized by high levels of liquidity. This will be particularly beneficial for the accommodation, logistics, and alternative asset sectors.

MacDonald notes that countries like Australia, Japan, Singapore, and Auckland in New Zealand are expected to see high levels of liquidity this year. These markets will be BlackRock’s focus in 2024, as they continue to see positive investor sentiment, with institutional investors beginning to discuss deploying and recycling capital in selective Asia Pacific real estate markets.

In Singapore, BlackRock has been acquiring serviced apartment properties and has partnered with YTL Corp to purchase Citadines Raffles Place for around $290 million in October 2023. In February 2024, BlackRock teamed up with Hong Kong-based accommodation operator Weave Living to acquire Citadines Mount Sophia for $148 million. This property has recently reopened as the 175-room Weave Suites – Hillside.

MacDonald explains that these recent acquisitions reflect BlackRock’s belief that there is a shortage of new serviced apartment supply in Singapore, but the demand for this type of accommodation is high. He adds that BlackRock will focus on targeted deals rather than building an aggregated portfolio, preferring to refurbish and reposition existing properties with a partner and adding new amenities.

Singapore remains an attractive market for investors due to its strong business growth and continual inflow of capital and high-skilled labor, says MacDonald. He adds that BlackRock remains optimistic about opportunities in Singapore.

It is crucial for international investors to have a clear understanding of the regulations and limitations surrounding property ownership in Singapore. Unlike landed properties, which have more stringent rules, foreigners are generally permitted to purchase condos with considerably fewer restrictions. Nevertheless, foreign buyers are still accountable for the Additional Buyer’s Stamp Duty (ABSD) at a rate of 20% for their initial property acquisition. Despite this added expense, the consistent stability and promising potential for growth of the Singapore real estate scene remain a strong draw for foreign investment. Singapore Condo is a popular option for foreign investors looking to enter the Singapore property market.

In Japan, BlackRock sees significant potential for real estate investment. Daigo Hirai, Head of Japan Real Estate at BlackRock APAC, notes that a combination of factors, including wage increases and rising construction costs, have led to a relatively strong rental uplift in the Japanese residential market. BlackRock expects a 7% to 8% increase in residential rents across major Japanese cities like Tokyo and Osaka this year. They have also noticed a trend of tenants opting for larger sized apartments over compact studios.

BlackRock plans to partner with an experienced accommodation operator to manage a hybrid residential investment strategy that caters to both inbound tourist accommodation needs and domestic rental demand. This will allow BlackRock to deepen its investment presence in tourist-dominated cities like Kyoto and Fukuoka. They are targeting assets near train stations in residential-commercial neighborhoods like Osaka’s Namba district.

Ben Hickey, Head of Australia Real Estate at BlackRock, explains that Australia’s long-term population growth estimates support positive long-term growth across most sectors in the real estate market. He adds that most property sectors in Australia are characterized by under-supply and low vacancy rates. BlackRock is focusing on niche asset classes in Australia, such as childcare properties, last-mile logistics assets, life science real estate, and self-storage properties. These sectors benefit from Australia’s long-term population growth and are “chronically undersupplied,” allowing BlackRock to generate outsized returns with limited risk.…

If you’ve recently visited a show flat, you may have noticed that the unit sizes have been shrinking. This is to be expected as our perception of size is relative to what we are accustomed to. In the 1990s and 2000s, the homes we grew up in, whether HDBs or condos, were generally larger. The average size of a new condo unit was 1,272 sq ft in 1995, 1,286 sq ft in 2005, and 858 sq ft in 2015. By 2024, the average size had increased to 929 sq ft.

However, during this time, the demographics of Singapore were changing, resulting in smaller household sizes. In 1995, the average household size was four, which decreased to 3.6 in 2005, 3.4 in 2015, and eventually 3.1 in 2024.

On a per-household-member basis, the average space was 318 sq ft in 1995 and increased to 357 sq ft in 2005. However, in 2015 it dropped to 252 sq ft and then rebounded by 19% to 300 sq ft in 2024, showing a decline in size over the last 29 years.

This decrease in size is commendable given Singapore’s land constraints. In 2008, several condo projects in the Rest of Central Region (RCR) introduced “Mickey Mouse” units, with the smallest unit being only 24 sq m (258 sq ft), equivalent to two parking spaces. This made it easier for people to enter the property market with a lower investment amount of $375,000.

These projects sold quickly, leading to a rise in the number of “Mickey Mouse” units in the following years. However, this raised concerns about the impact on the quality of living. To address this, the Urban Redevelopment Authority (URA) issued guidelines on the maximum number of dwelling units (DUs) in 2011, which took effect in January 2012.

Developers were required to use an average size of 70 sq m for projects outside the Central Area to determine the maximum number of DUs. Some areas, such as Telok Kurau, Kovan, Joo Chiat, and Jalan Eunos, had a more stringent requirement of 100 sq m. This helped to reduce the number of DUs and strain on infrastructure.

However, over the next few years, the average size of DUs continued to decline, reaching a low of 804 sq ft in 2018. To address this, the URA further tightened the guidelines, which took effect in January 2019. The average DU size for projects outside the Central Area increased by 21.4% to 85 sq m. Additionally, more areas were required to meet the more stringent requirement of 100 sq m.

This effectively arrested the decline in average DU size outside the Central Area from 2019. By 2024, the average DU size had reached 935 sq ft, an increase of 18.8% since 2019. In the Central Area, the average DU size reached its lowest point of 725 sq ft in 2020, leading to the URA extending the guidelines to the area in January 2023. All projects within the Central Area must now have at least 20% of their DUs with a net internal area of at least 70 sq m.

Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties that have stricter ownership guidelines, foreigners are typically able to purchase condos with fewer restrictions. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property acquisition. Yet, despite this additional expense, the stability and potential for growth in the Singapore real estate market remain enticing for foreign investment. This is why many foreign buyers are turning to Singapore Projects as a lucrative opportunity to invest in this thriving market.

The latest guideline change in June 2023 was the harmonisation of the strata area and gross floor area (GFA) definition. This meant that areas such as air-conditioning ledges, if exclusive to a unit, would now be counted as its strata area. As a result, developers have started omitting aircon ledges in the DU, leading to a decrease in average size by 6%.

The RCR saw a significant increase of 19.5% in average size to 944 sq ft since 2015, due to the stricter control of 100 sq m on the average DU size. The OCR also saw an improvement of 5.8% to 898 sq ft in 2024 compared to 2015. However, the CCR experienced a decline of 11.7%, with the average DU size decreasing to 1,092 sq ft in 2024 from 1,236 sq ft in 2015.

It may take some time before the guidelines on average DU size in the Central Area are felt. However, it is unlikely that the average DU size will go back to 2015’s level, due to Singaporeans making up around 75% of buyers in the CCR, and their preference for compact units. Despite this, buyers are still getting better value for their purchases compared to 10 years ago, due to the inclusion of smart home features and higher-end appliances.…

The Ministry of National Development (MND) has recently announced various improvements to the Silver Housing Bonus (SHB) and the Fresh Start Housing Scheme (Fresh Start) during the annual Committee of Supply debate. These changes aim to further aid senior citizens in downsizing and improving access to public housing for lower-income households living in HDB rental flats.

The SHB encourages senior citizens to better prepare for retirement by unlocking the value of their residential properties and transferring it into their CPF Retirement Account (RA). Currently, to qualify for the SHB, applicants must be 55 years old and above, have a monthly income not exceeding $14,000, own a property with an Annual Value (AV) not exceeding $21,000, and downsize to a three-room HDB flat or smaller (excluding three-room terrace).

Currently, SHB applicants can choose to top-up their RA with up to $60,000 to receive a cash bonus of up to $30,000. This bonus is pro-rated at $1 for every $2 top-up made into the RA.

Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties, which have stricter ownership regulations, foreigners are generally able to purchase condos in Singapore with relative ease. However, it’s important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this added expense, the stability and potential for growth in the Singapore real estate market remains a strong draw for foreign investment. This is why many foreigners continue to seek out Singapore Condos as a viable investment option.

However, starting from December 1, 2020, applicants can receive the SHB cash bonus as long as they can prove that their right-sizing exercise results in an overall increase in their CPF RA balance, including any refunds from CPF housing. This means that seniors with outstanding loans on their properties using their CPF accounts may no longer need to make a cash top-up to qualify for the SHB.

Furthermore, the SHB will also be expanded to include seniors who own properties with an AV of more than $21,000 but less than or equal to $13,000. This change will benefit an estimated 15,000 seniors, according to MND. These applicants will still receive a cash bonus based on the increase in their RA, up to $60,000. However, the bonus will now be pro-rated at $1 for every $6 increase in the RA balance, with a maximum bonus of $10,000.

In addition to the pro-rated bonus, successful SHB applicants will receive an extra $10,000 cash bonus when they downsize to a two-room or smaller HDB flat (including Community Care Apartments). This amount is not pro-rated and will be given regardless of the amount they contribute to their RA.

Seniors can apply for the SHB within a year after their second property transaction. This means that any seniors who have completed their downsizing after December 1, 2024, will be eligible to apply for the SHB under the enhanced scheme.

The Fresh Start Housing Scheme has also been enhanced, as stated by Minister of State for National Development Muhammad Faishal Ibrahim. The programme, launched in 2016, provides financial assistance and social support to Second Timers (ST) families who have previously bought a subsidised HDB flat, with the aim of helping them attain homeownership.

Under the current scheme, applicants can purchase two-room flexi or three-room standard BTO flats with shorter leases, usually ranging from 45 to 65 years. These leases must extend until the youngest owner turns 95. Flats purchased under this scheme are also subject to an extended Minimum Occupation Period of 20 years, compared to the usual five years.

The latest enhancement to the scheme includes an increase in financial support. Eligible families will now receive $75,000 from the Fresh Start Housing Grant, up from the previous amount of $50,000.

The new grant consists of an initial disbursement of $60,000 credited to the applicants’ CPF Ordinary Account (OA) before their key collection dates. The remaining $15,000 will then be disbursed to their OA over the next five years to assist with mortgage payments.

The eligibility criteria for the scheme have also been widened to allow First-Timer (FT) families to apply. While FT families are ineligible for the Fresh Start Housing Grant because they are still eligible for the larger Enhanced CPF Housing Grant (EHG) of up to $120,000, they will still benefit from the reduced cost of shorter-lease BTO units and social support provided under the programme.

Eligible FT families can start applying for the Fresh Start scheme from April 2025, while the revised Fresh Start Grant will take effect from the July 2025 BTO exercise.…

The Ministry of National Development (MND) has announced revisions to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers, which will come into effect on March 6th. The changes include an extension of the ABSD remission timeline from six to 12 months for developers undertaking complex projects. This move aims to incentivize developers to take on urban transformation developments, optimize land use through intensification or integration, revitalize older estates, or adopt new construction technologies.

Projects that will benefit from this extension include en bloc redevelopments that will yield at least 700 units upon completion, with 1.5 times the number of homes of the existing development. Other eligible projects include those with complex technical or instructional requirements, such as those integrated with major public transport facilities. Additionally, projects approved under the Strategic Development Incentive (SDI) scheme or those aimed at achieving higher productivity targets through the adoption of new construction technologies, methodologies, or practices will also receive an extension.

The revised timeline will grant a six-month extension to projects falling under any of the four categories, while those that meet the criteria of more than one category will be granted a one-year extension. These changes will apply to all residential land acquired on or after March 6th.

Currently, licensed housing developers purchasing residential redevelopment sites are subject to a 5% ABSD upfront, which is non-remittable, and another 35% ABSD, which can be remitted when the units are completed and sold within five years. These revisions follow changes announced in February last year, which offered a lower clawback rate for residential developments with at least 90% of units sold.

PropNex Realty CEO Ismail Gafoor believes that these extensions will provide developers with more flexibility and help mitigate development risks to some extent. Developers will have more time to sell units, particularly for larger projects. Lee Sze Teck, senior director of data analytics at Huttons Asia, also believes that the changes will give a much-needed boost to the en bloc market, especially for bigger projects.

However, OrangeTee Group’s chief researcher and strategist Christine Sun points out that developers may still face challenges despite the deadline extension. The success of en bloc sales will depend on the willingness of buyers and sellers to negotiate prices. ERA’s managing director of capital markets and investment sales, Tay Liam Hiap, suggests that this could be an opportune time for older projects like Braddell View and Pine Grove, which have expansive land areas, to explore en bloc opportunities. These projects could yield around 2,000 new homes, which may require more time to sell. Tay adds that the extension may not be enough for developers to sell out their projects.

Overall, while the policy change may provide some relief for developers, it may not be enough to spark a revival in the en bloc market. Developers are expected to remain cautious due to the high cost of redevelopment, the influx of private housing supply, and potential policy risks.

Investing in a condo in Singapore entails considering the government’s property cooling measures. In order to maintain a stable real estate market, the Singaporean government has implemented various measures to discourage speculative buying. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. Though such measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a safer Singapore Condo investment environment.…

Recent announcements by the Land Transport Authority (LTA) have revealed plans for two new MRT lines that are currently undergoing feasibility studies. These lines, if completed by the 2040s as proposed, could potentially serve more than 400,000 households.

The first of these proposed rail lines is the Seletar Line, which would serve areas such as Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang, and the Greater Southern Waterfront. This line would provide much-needed connectivity in these areas.

The second line, tentatively named the Tengah Line, would supplement the transport network in the west and northwest regions of Singapore. It would serve residents in Tengah, Bukit Batok, Queensway, and Bukit Merah.

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According to Transport Minister Chee Hong Tat’s speech in parliament on March 5, the Seletar Line and Tengah Line could potentially be joined, pending the results of the LTA’s feasibility studies.

When considering investing in a condominium in Singapore, one must take into account the government’s property cooling measures. In order to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure environment for investing in a condominium. Additionally, these measures help to ensure that the market is not dominated by a small group of investors, making it a more accessible option for potential buyers and investors. Condos are an attractive investment in Singapore due to the government’s efforts to maintain a stable market.

In addition to these new lines, Chee also announced LTA’s plans to proceed with the West Coast Extension (WCE). This extension will connect the Jurong Region Line (JRL) to the Circle Line (CCL) and the Cross Island Line (CRL).

The WCE will be implemented in two phases, with the first phase extending the JRL from Pandan Reservoir Station to connect with the CRL by the late 2030s. The second phase aims to extend the JRL from West Coast Station to connect with the CCL’s Kent Ridge Station by the early 2040s.

Once completed, the WCE will provide residents with up to 20 minutes of time savings when travelling from the West to the city centre.

In planning for the future development of Singapore’s rail network, Chee also announced the government’s plans to invest up to $1 billion over the next five years to maintain high-reliability standards for both newer and older train systems.

This investment will go towards implementing condition monitoring systems to enable proactive and targeted maintenance, utilizing new technologies to improve the efficiency and effectiveness of rail maintenance, and providing workforce training programmes for rail workers.

“Together, these efforts to expand the rail network, enhance the management of rail assets, and upskill our rail workforce, will allow us to continue delivering convenient, reliable and resilient public transport for our commuters,” says LTA.

In addition to these developments, OKP Holdings has secured a new contract worth $92.9 million from LTA, bringing the company’s total orderbook to a record high of $735.2 million. According to construction industry stakeholders, this increase in construction demand is expected to continue to rise in the coming years.…

Elias Green, a 99-year leasehold condominium situated in the Pasir Ris neighbourhood, is set to hit the market for a collective sale through public tender on March 6. This news was announced by ERA Realty Network, the appointed marketing agent for the property. The guide price for the condo is set at $928 million.

Built in 1994, the property sits on a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. Comprising of multiple blocks, the development boasts a total of 419 apartments with unit sizes ranging from 1,367 to 1,636 sq ft. The site was originally offered with a 99-year lease beginning in 1991, which means it currently has 65 years remaining.

Map and Overview of Elias Green (Picture: EdgeProp LandLens)

ERA has confirmed that the guide price of $928 million includes a land rate of $1,355 psf per plot ratio (ppr), along with an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. This figure also takes into account a 10% bonus gross floor area.

Investing in a condo in Singapore offers many advantages, with potential capital appreciation being one of the key benefits. This is largely due to Singapore’s strategic location as a global business hub and its robust economy, which drives a constant demand for real estate. Over the years, the property market in Singapore has consistently shown an upward trend, particularly in prime locations where condos have experienced significant appreciation. As a result, investors who time their entry into the market wisely and hold onto their properties for an extended period can reap considerable capital gains. To explore more investment opportunities, check out the latest Singapore Projects available on Singapore Projects.

Additionally, ERA reports that the owners of Elias Green are in the process of submitting an Outline Application to URA for a residential development at a gross plot ratio of 1.8. If approved, this would mean that the development’s land rate would be approximately $1,245 psf ppr.

Should the collective sale be successful and the guide price be met, owners can expect to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit.

Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, has highlighted that the Pasir Ris Town is set for major improvements as part of HDB’s “Remaking Our Heartland” initiative, which is expected to enhance the neighbourhood’s vibrancy and connectivity. He adds that the new Pasir Ris Bus Interchange is expected to be completed by 2025, which will connect with the future Pasir Ris Integrated Transportation Hub, featuring the Cross Island Line (CRL) that is slated to be operational by 2030.

This is the second attempt by owners of Elias Green to launch a collective sale. The first attempt was in 2018, when the property was put up for tender at a price of $780 million. The current asking price of $928 million is 19% higher than the previous attempt.

The tender for Elias Green will close on April 22 at 2pm. Interested parties can check out the latest listings for Elias Green properties on the Ask Buddy website.

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The Government Land Sale (GLS) tender for Media Circle (Parcel A) closed on March 4, with the top bid of $315 million coming from a consortium comprising Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 99-year leasehold site, which measures 82,125 sq ft and is located in the one-north area, is zoned for residential use with commercial space on the first storey.

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The winning bid translates to a land rate of $1,037 psf per plot ratio (ppr) and the potential to yield about 325 housing units with a maximum gross floor area of 303,865 sq ft. Qingjian and Forsea have announced that the future development will feature two high-rise residential towers with commercial spaces on the first level.

Only three bids were submitted for the site. The next highest bid, at $298 million or $981 psf ppr, came from EL Development, followed by the lowest bid of $295 million or $971 psf ppr from SingHaiyi Group.

The bid from Qingjian and Forsea is lower than the land rate they paid for a neighboring Media Circle GLS plot, which is now the location of the upcoming 358-unit Bloomsbury Residences. In January 2024, Qingjian and Forsea won the 114,462 sq ft site with a bid of $395.28 million, or $1,191 psf ppr.

In a press statement, Du Dexiang, managing director of Qingjian Realty, stated that they are confident in the future transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in the one-north precinct, as announced in the 2025 budget. Wang Xin, director at Forsea Holdings, also added that this project marks another important step in their commitment to developing high-quality residential communities that align with the growth of one-north, which is akin to Singapore’s ‘Silicon Valley’.

This will be the third joint venture between Qingjian and Forsea, with the partners previously winning an executive condominium site at Jalan Loyang Besar with a bid of $557 million ($729 psf ppr) in August 2024. The site has the potential to yield up to 710 new homes.

Lee Sze Teck, senior director of data analytics at Huttons Asia, believes that Qingjian’s latest bid reflects the developer’s confidence in the demand for homes in the one-north area. He also points out that if awarded, the developer will have control over the supply and pricing of new homes in Media Circle. Only two precincts within one-north have land set aside for homes, one being at Slim Barracks Rise and the other at Media Circle. Furthermore, there are only 987 non-landed residential units in one-north, with less than 100 unsold units.

Under the Reserve List of the 1H2025 GLS Programme, another Media Circle site is available for application. The 60-year leasehold site is zoned for residential with commercial space on the first storey and designated for long-stay serviced apartments only. It has the potential to yield an estimated 520 units, along with retail space capped at 4,306 sq ft.

Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. Although located in a quieter section of one-north business park, it is within walking distance to Mediapolis. He further states that a residential project or a mix of residences for sale together with serviced apartments for lease could appeal to workers in the media and entertainment industry.…